Spot Gold - December 1, 2023

Gold Hits New All Time High!

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Gold just hit a new all-time high of $2,076.20 in the futures market. 

Spot Gold - December 1, 2023

You're among the first to get the news as the story continues to evolve quickly. While there appears to be no real catalyst, a little birdie has been whistling about a certain very large bank in Europe that is in the process of taking over another bank that failed last spring, is itself in a precarious financial  situation. Maybe that's causing gold to spike? I dunno. I'm no expert.

But I have been paying attention all week long. Here's a snapshot from 2 days ago.


At time of writing, gold is at $2,065.90. Another neat thing about gold is that it also had the highest month end closing in history yesterday.

That's one for the history books...

And poor, poor silver. Still languishing...

Spot Silver - December 1, 2023

The silver to gold ratio is way out of whack this week, hitting a high of 81.5 today. Historically and going back thousands of years, the ratio has usually been 15 ounces of silver for every one ounce of gold.

Silver / Gold Ratio - December 1, 2023

Here's a little brain teaser. Silver's previous high of $50 set in January, 1980, when adjusted to inflation equals about $175 today. Looking at the silver chart above, silver is half its 1980 high. Here's the catch. $25 today is not the same $25 from 1980. Shockingly, the U.S. dollar has lost about 73% of its purchasing power since 1980. $25 in 1980 is worth about $87.50 today. See the big discount? This is getting too confusing. I'll stop at that.

Hmmm, maybe all this movement has to do with OPEC+ announcing another 1 million barrel per day oil production cut. Maybe it's a combination of several things, like a toxic soup but I digress. In spite of it, oil has gone down about 2%! Everything seems a little wonky lately, huh?

And by the way, Bitcoin is shining right now @ $38,757. Bitcoin hasn't been this high since May, a 6 month high I believe. Well done, Bitcoin!

That's it for now. I hope this helps you navigate through your universe.

Peace and love to everyone!

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Name's Joe and I live in Ontario, Canada. I like writing on a wide variety of topics. I enjoy keeping track of markets, investing and commodities and the crypto sector. Also do some coding for web browsers.

The Brave New World
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